Leading global provider of financial services technology solutions Fiserv, Inc., announced new real-time electronic payments monitoring capabilities this week to prevent fraud.
Clients are protected by new solutions to the increasing threat of payments fraud. The solutions cover both international and domestic payments for Automated Clearinghouse and wire, including Fed and SWIFT, while complementing the enhanced SWIFT Sanctions Screening capabilities that are available on Fiserv’s Financial Crime Risk Management platform.
“These new electronic payment fraud prevention solutions provide an end-to-end method to effectively model, detect, intercept, investigate and resolve attempts to steal funds from customer accounts through electronic payments such as ACH, SEPA and wire,” Tom Tobin, the vice president and general manager of financial crime risk management at Fiserv, said. “Fiserv solutions leverage a common platform to protect against multiple kinds of financial crime risks across channels. This platform approach allows our clients to mitigate current financial crime concerns and tackle new ones as they are identified.”
Fiserv’s ACH Fraud Prevention uses an integrated, cross-channel view of customers and their behavior to seek unusual patterns and other variables indicating risks in ACH files, batches and transactions. The continually updated system builds intelligence for each customer, account and other relevant entities to support accurate anomaly detection.
The sophisticated, scalable, cost-efficient Wire Fraud Prevention resolution seeks to prevent wire fraud losses with minimal organizational impact through real-time detection scenarios that evaluate wire transfers and interdict suspect fraud, while Fiserv’s SWIFT Sanctions Screening has been enhanced to support all MT formats, including unstructured text screening and guided math review for 700 and 900-series messages, as well as targeted screening for specific entity types to further reduce false positives.